Allottee cannot be considered as Financial Creditor on Cancellation of Unit by Own Request: NCLAT [Read Order]
Since the appellant and the bank settled and the appellant paid Rs. 17 lakhs to pay the outstanding balance, there are no bank debts about the unit in question
The National Company Law Appellate Tribunal (NCLAT) New Delhi has ruled that if a unit was cancelled at the request of the unit’s allottee and the loan used to buy the apartment was paid off with the lending bank, the unit’s allottee cannot be regarded as a financial creditor. Read More: Change in Tax Consultant:…
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